EURUSD LOSES MOMENTUM BELOW $1.08; US JOBS DATA AWAITED

Published on Dec 08, 2023 13:24

The euro lost momentum on Friday after German inflation confirmed at a two-year low increasing bets that ECB will continue to stay dovish on interest rates. German consumer prices fell 0.4%, after showing no growth on a monthly basis in October. CPI was confirmed at 3.2% year-on-year in November, slowing from October�s 3.8% and marking the lowest point since June 2021. Moreover, a steady US dollar overseas ahead of much awaited non-farm payrolls that could throw more clarity on Federal rate stance next week is adding pressure on the single common currency. EURUSD is staying defensive under $1.08 mark at $1.0780, down 0.20% on the day. Meanwhile, the dollar index is up 0.23% at 10375. On the NSE, EURINR futures are trading marginally higher at 89.94.